The New Zealand man arrested in Thailand after a police swoop on a worldwide stock-trading scam has been fined $250 for working there without a permit.
Scott McGee of Christchurch, who according to his father Bruce was working as telemarketer when arrested, appeared in court last night along with 77 other foreigners charged with immigration violations.
Mr McGee was one of 84 people arrested on Thursday night in Bangkok in an operation led by the Thai Securities and Exchange Commission, acting on complaints from securities regulators in New Zealand, Australia and Hong Kong.
The scam - which involved potential investors, mainly in New Zealand and Australia, being bombarded with unsolicited phone calls and pressured into buying false stock on overseas markets - has cheated investors out of an estimated $369 million.
A spokesperson for the New Zealand Embassy said Mr McGee was now being detained by Thailand immigration officials where he was being investigated.
Clarification: Scott McGee
In publication on this website on 28 and 30 July 2001 and 22 November 2001 dealing with a raid by Thai authorities on alleged boiler room operations reference was made to Scott McGee, a Christchurch musician on a working holiday in Thailand.
We wish to clarify that we did not say or mean to say that Scott was knowingly involved in any dishonest activity, scam, or fraud.
The New Zealand Herald accepts that he was not so involved.
$250 fine for New Zealander nabbed in Thai fraud swoop
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